Twenty years is a long time in a market saturated with equity funds, but not only have Pengana Capital’s Ed Prendergast and Steve Black survived fickle financial markets they’re also outperforming them.

The Melbourne-based portfolio managers run the Pengana Emerging Companies Fund, which has returned 12.1 per cent per annum after fees since its inception in 2004, against the 5 per cent of the S&P/ASX Small Ordinaries Index.